The Australian dollar spent Monday between the lower limit of the local ascending channel and the resistance level of 0.6730. If the aussie was willing to break out of yesterday's general trend of consolidating world currencies, commodities, which increased slightly in price, did not allow it to do so.
This morning, AUD/USD is trying to attack the lower limit of the channel. Going beyond this area will coincide with crossing yesterday's low at 0.6684. The nearest target is the support level of 0.6642. Then 0.6590, which the MACD line is approaching.
On the four-hour chart, the price is still conducting a wide range consolidation below 0.6730. The minutes from the Reserve Bank of Australia meeting showed the central bank's intention to suspend the easing cycle at the next meeting in February due to the uncertainty of further economic prospects. Also, the People's Bank of China kept key lending rates unchanged, which kept the Australian currency in the shadow of pessimism.
As a result, I expect the bears to win and the price to be at 0.6590.
